£113m of personal loans used for weddings

19 June 2009

New research from Sainsbury`s Finance has suggested that personal loans worth around £113 million in total were taken out to pay for weddings in the first four months of 2009.

The actual number of personal loans taken out for this purpose stood at around 13,600, 43% higher than in the same period in 2008.

Sainsbury`s Finance estimated that an additional £82 million worth of loans were taken out to partially cover wedding costs.

Steven Baillie, Head of Loans at Sainsbury`s said: "Loans have long been a popular way to pay for or part-fund a wedding, but the increase we`ve seen this year would suggest more couples are looking to spread the cost of their big day."

A loans expert for Think Money said: "Although many would-be borrowers worry that they might be rejected for a loan, these figures show that loans are still very much available.

"Anyone looking for a loan could improve their chances of finding the best deal by speaking to an expert loans adviser."

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